Shell increases buybacks to 3.5 bln
LNG volumes down 4 on Prelude, share price

LONDON, Nov 2 Reuters Shell reported on Thursday a 34 annual drop in thirdquarter profit to 6.2 billion as energy prices cooled, with strong trading of liquefied natural gas LNG helping offset a sharp drop in its production.

The company also announced share buybacks of 3.5 billion over the next three months, up from 2.7 billion in the previous three months, and maintained its dividend unchanged at 0.331 per share.

Shell39;s results wrap up thirdquarter earnings for the West39;s top energy companies which have seen profits drop sharply from last year as oil and gas prices eased after rallying in the wake of Russia39;s invasion of Ukraine.

Contrasting with rival BP, whose gas trading results weighed on quarterly profits, Shell said its earnings were supported by favourable LNG trading results, which were higher than in the second quarter.

Its earnings were however again hit by lower output at its flagship LNG division, which has been plagued by operational problems in recent years, particularly at its 3.6million metric ton per year Prelude floating LNG production facility off the coast of Australia.

Production at the Integrated Gas division was down 9 from the previous quarter due to maintenance at Prelude which was also cited as behind a 4 drop in liquefaction volumes as well as sites in Trinidad and Tobago and in Qatar, it said.

Shell expects Prelude to ramp back up in December after…